US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 14
                           PROPERTY INSURANCE RATES
    41-1415.  RATING ORGANIZATIONS -- LICENSING. (1) Any person, corporation,
unincorporated association, partnership or individual, whether located within
or outside this state, not an officer or employee of any insurer, may apply to
the director for a license as a rate making organization for such kinds of
insurance or subdivisions or classes of risk or part or combination thereof as
are specified in its application. Any property insurance rating bureau
licensed under the provisions of this chapter, except a crop hail or nuclear
energy insurance rating bureau, shall be entirely independent in its operation
and management and shall not be a branch or division of any other property
insurance rating bureau. A property insurance rating organization shall
establish and maintain a rate making office in this state, and to the extent
reasonably possible shall maintain in such office all the files and records
relating to the rates currently made by such rating organization and the
making thereof; but this provision does not apply as to marine or inland
marine or crop hail insurance rating organizations.
    (2)  As part of its application the rating organization shall file with
the director:
    (a)  Copy of its constitution, its articles of agreement or association or
its certificate of incorporation, and of its by-laws, rules and regulations
governing the conduct of its business;
    (b)  A list of its members and subscribers;
    (c)  The name and address of a resident of this state upon whom notices or
orders of the director or process affecting the rating organization may be
served; and
    (d)  A statement of its qualifications as a rating organization.
    (3)  If the director finds that the applicant is competent, trustworthy
and otherwise qualified to act as a rating organization, and that its
constitution, articles of agreement or association or certificate of
incorporation, and its by-laws, rules and regulations governing the conduct of
its business conform to the requirements of law, he shall issue a license
specifying the kinds of insurance or subdivision or class of risk or part or
combination thereof for which the applicant is authorized to act as a rating
organization. Every such application shall be granted or denied in whole or in
part by the director within sixty (60) days of the date of its filing with
him.